AR HB1732

Repeals definitions of "federal reserve rate," "industrial development bonds," and "industrial facilities" from Arkansas Code § 14-164-303, replacing them with broader "economic development projects" terminology.

Adds new definitions for "economic development projects" (manufacturing, research facilities, recycling, distribution centers, call centers, warehouses, job training, and corporate headquarters) and "infrastructure" (land acquisition, site preparation, roads, rail, water, wastewater, employee training, and environmental mitigation).

Changes authorization language for municipalities and counties from "are authorized to" to "may" own, acquire, construct, and operate facilities for economic development projects.

Replaces references throughout the act from "industrial facilities" and "facilities for the securing and developing of industry" to "economic development projects" to align with Arkansas Constitution Amendment 97.

Modifies bond sale requirements by removing mandatory public sale restrictions for industrial development bonds and allowing sales at public or private sale for such price as the legislative body determines.